The Ministries of Labour and Environment are are fast-tracking their mechanisms to speed up the clearances and speedily implement the ‘Startup India’ programme.
“We are moving ahead with a faster pace to implement the measures,” Joint Secretary, Department of Industrial Policy and Promotion (DIPP), Shailendra Singh was quoted by PTI as saying.
The Labour Ministry has issued an advisory for self-certification to all the states. The Environment and Forest Ministry too has issued a circular. DIPP has formed a panel of lawyers to assist and support the startups; also deal with illegal property rights and the fees. The lawyers will be paid by the Government for their services.
The hub will function as a single point of contact for the whole startup association and will also facilitate knowledge exchange and access to funding.
“For faster exit from a business, the Bankruptcy Bill is in Parliament. Funds of Fund was already declared in the Budget and accordingly Rs 2,500 crore each year would be released over four years to SIDBI,” Shailendra Singh was further quoted by PTI as saying.
Prime Minister Narendra Modi introduced a slew of incentives in January to beef up the start-up businesses. Startups will be offered a tax holiday, an inspector raj-free regime, capital gains tax exemption and Rs 10,000 crore corpus.